6th Jan 2014 09:51
LONDON (Alliance News) - UMC Energy Corp Monday said the 3,000 line kilometre 2D seismic survey over Gini Energy Ltd's offshore petroleum prospecting licences PPL374 and PPL375 in Papua New Guinea has now been completed.
The oil and gas exploration company, re-admitted to AIM in September, said the seismic survey, which is being conducted by BGP PNG, sucessfully completed 3,015 line kilometres of data at the permits.
The company said the project was completed without incident and ahead of schedule while processing of the data is expected to be undertaken in the coming months.
UMC Energy owns 30% of Gini Energy, with China's CNOOC Ltd owning the rest. CNOOC is the operator of the permits and funding the cost of the survey.
UMC Energy shares were untraded at 3.25 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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